How to Shrink Database Log File Size in SQL Server - Step-by-Step

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How to Shrink Database Log File Size in SQL Server - Step-by-Step:
In real time we found that our database log file size is increased day by day. Please watch this video and you can get some idea about how to Shrink Database Log File Size in SQL Server - Step-by-Step.
Sql query for this is given below.

ALTER DATABASE TransactionDB SET RECOVERY SIMPLE WITH NO_WAIT
USE TransactionDB
DBCC SHRINKFILE (N'MyDatabase_Log' , 0, TRUNCATEONLY)
ALTER DATABASE TransactionDB SET RECOVERY FULL WITH NO_WAIT

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Can you also please let us know what are the consequences of this action?

Do we need to worry about anything after shrinking the file

sangeetharamtenki